The government expects to make direct tax collections of about Rs 32,200 crore in the remaining period of the current fiscal and has advised companies to file their taxes by March 27, 2009. The target for the year is Rs 3,45,000 crore and the government has added Rs 3,12,800 crore to the coffers by March 17, 2009.
Net direct tax collections have recorded a growth of 18.8 per cent compared to the fiscal 2007-08 at Rs 3,12,800 crore. The collections are about Rs 600 crore higher in a time of economic slowdown compared to Rs 3,12,202 crore last fiscal.
The March quarter advance tax receipts from corporates are at Rs 286 billion so far, a finance ministry official said on Wednesday, as banks paid higher taxes while it was lower for some big manufacturers.
Although comparative growth data for the quarter could not be obtained as data was still flowing in from smaller cities, the official said total advance tax receipts between April 1, 2008 and March 17, 2009 were up 17.5 per cent at Rs 1.23 trillion.
Source: The Indian Express Net direct tax mop-up grows 18.8%
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By nargis, Section Taxation - Excise Duty
Posted on Thu Mar 19, 2009 at 01:01:54 AM EST
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It was subdued for manufacturers as many of them are yet to overcome the slowdown.
According to provisional data, state-run ONGC topped the chart with an advance tax payment of Rs 21.02 billion for the March quarter, almost flat from previous year's level.
State Bank of India paid Rs 18.10 billion for the March quarter, which was 27.6 per cent higher than the previous year's level.
Other lenders such as Punjab National Bank, Bank of India and Axis Bank paid hefty advance tax for the March quarter.
Some manufacturers like SAIL, NTPC and BHEL paid lower advance tax for the last quarter of 2008/09 fiscal year, compared with a year earlier.
The government has also asked the laggards to pay their taxes. Taxpayers, who have so far not paid their advance tax due in the fourth quarter of the present fiscal, have been advised to pay the same at the earliest, in any case by March 27, 2009 to ensure that their payments are credited to their account in the current fiscal.
Corporate taxpayers, and taxpayers liable to statutory tax audit, are required to pay their tax online through the net banking system. Other taxpayers can pay either through net banking or through the authorised banks.
Making a tough statement, a government release pointed out that a large number of deductors have not deposited tax deducted at source into the government account. The Income Tax department has electronic records of such instances. Failure to pay the tax deducted at source or advance tax due may attract penal consequences and tax scrutiny, the official communiqué said. (With agencies)
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